Accounting includes recording, classifying, summarizing financial transactions in a proper manner. It deals with common monetary measurement. It is thus a broader concept than bookkeeping. Bookkeeping is a part of accounting.
Only financial transactions which can be expressed in terms of money are recorded. Thus, accounting enables stakeholders to know the financial position of an entity for the period. It is concerned with summarizing of the recorded financial transactions. Also, it enables management to prepare various types of reports
Accounting or accountancy is the measurement, processing, & communication of financial & non financial information about economic entities[1][2] such as businesses and corporations. Accounting, which has been called the "language of business",[3] measures the results of an organization's economic activities & conveys this information to a variety of users, including investors, creditors, management, & regulators.
Accounting
1. Identifying financial transactions
2. Recording of financial transactions
3. Preparing ledger accounts
4. Preparation of trial balance
5. Preparation of financial statements
6. Analysis of financial statements
Process of Accounting